Ethereum Price Watch – ETH/USD Breaks Past $550, Moving Higher

Key Highlights:

Ethereum price broke past the $550 level earlier this morning, now trading at around $575.

A major resistance level was established at $580 following this morning’s bullish run.

ETH/USD is now moving higher to test the resistance once again.

ETH/USD Moves Higher, Tests Major Resistance

On Thursday morning, Ethereum price moved past the $550 level, trading between $565 and $575 for the past few hours. A bullish trend line formed earlier in the morning, establishing a major resistance level at $580.

Currently, Ethereum is on another bullish run, looking to test the $580 resistance point once again. A break above that level could see ETH/USD ascend toward $600 and even surpass its 100-day moving average. There is positive momentum for this to happen.

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On the downside, a reversal could take ETH/USD down toward its major support level of $565. Should that break down, a move back to $550 is plausible.